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The price of #Gold has been range bound for a few days, likely waiting for a fundamental catalyst before breaking. Will the price break higher or lower?
Watch the video to learn more…
The Daily Chart
The daily chart on Gold suggests the price could break higher after the price looks to be forming an inverse head and shoulders pattern. This pattern could see the trend reverse on Gold however, the price is likely waiting for a fundamental catalyst before breaking lower or higher.
The US CPI data and FOMC meeting minutes scheduled for today should provide some volatility to the price of Gold. If the CPI data comes out better than expected we could see the USD strengthen as investors could assume this could force the Federal Reserve to hike interest rates much sooner than outlined. If the CPI data comes out worse than expected this could push back the Feds plan on tapering and how much they will hike interest rates by. This could be seen as a negative and the price could break out higher.
In our recent video on the USD Index we looked at the commitment of trader reports and highlighted the commercial short positions which could add weight to the USD moving lower.
The 4hr Chart
The 4hr chart shows the price in a range between $1780.00 and $1750.00. Depending on the outcome of the news forecast for today we could look for either a rejection at the top of the trading range or a breakout of the highs of the range. Either way we need to wait for the dust to settle after the news before looking for a trading position on Gold.
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